How to set-up GL Opening Balance
Part of the initial configuration of new Database is entering the Opening Balance. By having an Opening Balance, the company can generate a complete report at the end of their Financial Period.
For companies that will start with their 1st month of Accounting Period, Balance Sheet must be the basis of the GL Opening Balance. On the other hand, Trial Balance must be used if it will start in any month of the Accounting Period.
1. To settle the Opening Balance, go to GENERAL LEDGER > OPENING BALANCE.
1.1. Enter the GL Account Amount either in the Debit and Credit column.
1.2. Once done, click Save. The system will allow the user to save the GL Opening Balance even Total Debit and Credit
Amount has a difference. User can always get back to it until the values are final.
Note that there are disabled GL Accounts in which values cannot be inputted thru GL Opening Balance. These accounts are considered Special Accounts e.g. Debtor Account (DAC), Creditor Control Account (CCAC), and Stock Account (SAC). Its details and corresponding values are recorded using other transactional forms. Refer to How to Set-up Customer Opening Balances, How to Set-up Supplier Opening Balances, and How to Set-up Stock Opening Balance for further details.
For further concerns regarding this matter, please contact support to assist you or create ticket thru this link https://support.qne.com.ph